Wealthy Asian Parents and Outpatient Care

panda

panda

Well-known member
I wanted to ask an honest question to all the Asians on this forum. How common is it in Irvine that wealthy Asian parent's would help out significantly in their adult childrens' home purchase in Irvine. ($200k and above) I've always thought this was very rare, but more and more i am finding out this type of outpatient care is becoming more common among Asian Irvinites.

Is this a myth or a reality in Irvine? I can assure you all that the FCB theory is not myth, but a reality. Sukhee Kang himself told me that 80% of the new Irvine home buyers are Asian. While i was touring the Sonoma, Montecito, and Carmel, I can testify that the majority of the people i saw there were 1st generation Asians, speaking in Korean and Mandarin.

Let's discuss!
 
There are no FCBs.

Graph must have TalkIrvine blocked on his browser because surely he would have been in here laying the smack down a few threads ago.
 
Yes, there are Asian buyers but the pend up demand rate is not sustainable for the long term. with another 52,000 thounsand homes in future villages I don't see this FCB herd will last forever.
 
I also think it's reality. However I don't see it as common as you think. We already have a number of buyers on this forum that have great jobs and starting a family with little ones. They are looking to Irvine to start their family.
 
[quote author="Panda "]I wanted to ask an honest question to all the Asians on this forum. How common is it in Irvine that wealthy Asian parent's would help out significantly in their adult childrens' home purchase in Irvine. ($200k and above) I've always thought this was very rare, but more and more i am finding out this type of outpatient care is becoming more common among Asian Irvinites.

Is this a myth or a reality in Irvine? I can assure you all that the FCB theory is not myth, but a reality. Sukhee Kang himself told me that 80% of the new Irvine home buyers are Asian. While i was touring the Sonoma, Montecito, and Carmel, I can testify that the majority of the people i saw there were 1st generation Asians, speaking in Korean and Mandarin.

Let's discuss![/quote]

There are probably cases like this in Irvine, but you would be hard pressed to get anyone to admit taking this kind of $$$$.

Given that financing is harder to come by, anyone without significant savings, good income, and solid credit, will require the services of the Bank of Mom & Dad.

Purchasing in Irvine is expensive and not for the fiscally challenged. The days of liar loans are done and cheap money is harder to come by (except FHA loans). If you don't have the cash, hopefully your last name is Ko or Wong. <!-- s:D -->:D<!-- s:D -->
 
My Asian (Chinese) in-laws didn't give us any money towards the purchase of our house. But they're not really in a financial position to do so.

I do think it's common, though, for wealthier parents of any ethnicity to help out their kids when they're buying a house, especially around here where the housing prices are so high.
 
I don't think it's limited to Asians. Interesting to find out BK got help from his mom.

Friends I know who got 200k plus, pretty much got a free house. For most, their parents had these homes purchased long ago as investment property w/ the idea of giving it to their kids after marriage. Those friends had 0 mortgage when they moved in. While the few remaining their parent's bought for them w/ all cash.

However many people I know who received down payment assistance did not exceed 200k. Not too many first time homebuyers purchasing a million dollar home.

Asians do help family members w/ money, but I don't know anyone who would take the money just to buy a house from someone that couldn't afford to give/lend it. In other words their parents had money. If you're Asian whether or not your parents helped you financially wouldn't change the fact that you wouldn't let them go homeless or lose their house...it's the culture not the money drives that.
 
I wish my mother was in a position to offer me financial assistance. You join this blog way too late to learn of my background.

I will not take money from others so I can buy my luxury. I do not respect those who take their parents frugal savings and buy a house that they can't afford. If you can't afford it then don't buy it. If you can't afford irvine Then start with lake Forest or Foothill Ranch. Buy it when it is cheap. All my Irvine transactions were less than $350k.

I wanted mature trees and garden so I looked else where I can get the best value. It is all about spending wisely. Unfortunately my timing was off.

Why buy at peak prices when there is no pressure? Why buy in a hurry when there will be another 5,000 of the same plan getting built later?
 
[quote author="mikeirvine"]

It more important to focus on what one want and need and afford .....

There will always be someone ricer, but there are a lot of home owners are in deep water and some time I feel sorry for their children, when I went to open house and see those happy family photos.

I just want to make sure it won't happen to me.

Mike



[/quote]

Great post. Simple advice I bet many of us forget all too often. We get way too caught up in what we *want*, which more often than not probably does not correspond to what we need.
 
Just generally, does the "F" in FCB mean that the person actually has to be foreign, as in from Asia? Because I would think a lot of these wealthy parents are Americans, but of Asian descent. I think it's an important distinction.
 
[quote author="mogul"]graceomalley, people can do whatever they want with their money.

[/quote]

This is true, but you gotta realize that graceomalley/bk is used to being worshipped and idolized by people from that old forum-that-not-be-named. This is why he is able to tell people what to do. His opinions are worth more than those of mere mortals.

Edited to add: Plus, he has a teensy weensy lilttle chip on his shoulder regarding Irvine.
 
[quote author="traceimage"]
[quote author="mogul"]graceomalley, people can do whatever they want with their money.

[/quote]

This is true, but you gotta realize that graceomalley/bk is used to being worshipped and idolized by people from that old forum-that-not-be-named. This is why he is able to tell people what to do. His opinions are worth more than those of mere mortals.

Edited to add: Plus, he has a teensy weensy lilttle chip on his shoulder regarding Irvine.[/quote]

Very True. BKshopr is like the Chinese kung fu master with a long white beard, and we are all his students trying to learn his secret kung fu techiques. Even Panda gives Bkshopr the utmost respect! <!-- s:) -->:)<!-- s:) -->
 
[quote author="traceimage"]Just generally, does the "F" in FCB mean that the person actually has to be foreign, as in from Asia? Because I would think a lot of these wealthy parents are Americans, but of Asian descent. I think it's an important distinction.[/quote]
To me... they can be either... as long as they are Foreign (and although it is usually taken as Asian-nee-Chinese even... I mean it to be *any* Foreign because there are quite a few Middle Eastern/Persian/CurrentEthnicName buyers in Irvine also).
 
[quote author="Panda "]
[quote author="traceimage"]

This is true, but you gotta realize that graceomalley/bk is used to being worshipped and idolized by people from that old forum-that-not-be-named. This is why he is able to tell people what to do. His opinions are worth more than those of mere mortals.

Edited to add: Plus, he has a teensy weensy lilttle chip on his shoulder regarding Irvine.[/quote]

Very True. BKshopr is like the Chinese kung fu master with a long white beard, and we are all his students trying to learn his secret kung fu techiques. Even Panda gives Bkshopr the utmost respect! <!-- s:) -->:)<!-- s:) -->[/quote]

I think you missed the point
 
[quote author="irvinehomeowner"]
[quote author="traceimage"]Just generally, does the "F" in FCB mean that the person actually has to be foreign, as in from Asia? Because I would think a lot of these wealthy parents are Americans, but of Asian descent. I think it's an important distinction.[/quote]
To me... they can be either... as long as they are Foreign (and although it is usually taken as Asian-nee-Chinese even... I mean it to be *any* Foreign because there are quite a few Middle Eastern/Persian/CurrentEthnicName buyers in Irvine also).[/quote]

But how foreign do they have to be? Do they have to currently live in a foreign country, or maybe just have been born there?
 
[quote author="traceimage"]
[quote author="irvinehomeowner"]
To me... they can be either... as long as they are Foreign (and although it is usually taken as Asian-nee-Chinese even... I mean it to be *any* Foreign because there are quite a few Middle Eastern/Persian/CurrentEthnicName buyers in Irvine also).[/quote]

But how foreign do they have to be? Do they have to currently live in a foreign country, or maybe just have been born there?[/quote]
Would "not caucasian" be better? Although I've learned recently that Middle Easterners are technically considered "caucasian".

Not sure if that answers your question, they don't necessarily have to be living over there... or even born over there. The "F" stands for ethnicity... regardless of generation.

Heck... I think CK can qualify for "F" by now... LV wallet, Kogi tacos, soju... hehe.
 
[quote author="irvinehomeowner"]

Heck... I think CK can qualify for "F" by now... LV wallet, Kogi tacos, soju... hehe.[/quote]

I'm just trying to live in as many worlds as I can. I can cook some mean K-BBQ, but since my wife is Taiwanese I can also speak a *little* Mandarin and love that free red bean dessert. But a rainy like night for tonight calls for Pho.

But don't get me wrong, I can still drink Miller Lite, do Jager shots, and listen to Lynrd Skynrd with the best of them (and some on this board can attest to that). I don't forget my hillbilly roots. That's my #1 reason for loving Irvine --- you can be a part of as many cultures as you want here, and love them all.

Have a good weekend everyone!
 
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